Review of the Commonwealth Government Securities Market

The Government announced in the 2002-03 Budget that it would consider the issues
raised by the significant reduction in Commonwealth general government net debt
for the viability of the Commonwealth Government Securities (CGS) market. The
Government committed to consult with key stakeholders.

In order to inform the consideration of this important issue, the Government
has invited written submissions from interested stakeholders. To facilitate
this process, the Government has released a discussion paper that outlines the
key factors that need to be considered.

To further assist the consultation process, the Treasurer also announced the
formation of a reference committee to provide assistance on matters of detail
arising from the consultation process. The committee consists of representatives
from several key stakeholder associations.

The review is being undertaken by a team located within the Department of the
Treasury.

It is expected that the Government will make a decision on the future of the
CGS market early next year.

The Government announced the outcome of the Review of the CGS market in
the 2003-04 Budget.